Canberra basketballer Patty Mills has offset the devastation of a seven-month injury by agreeing to a new $12 million, three-year deal with the San Antonio Spurs.

Less than 24 hours after Mills revealed he needed shoulder surgery, it emerged the point guard had all but finalised a deal to stay with the NBA-winning Spurs.

Mills is also planning a celebration trip with the NBA championship trophy - also known as Larry - in the coming weeks to share his title glory with Canberra and Thursday Island.

Patty Mills

The ACT government and AIS are starting to put together a celebration day for fans to see Mills and the trophy, with the party pencilled in for July 18. But Mills will have shoulder surgery on Friday (AEST), and that could change his travel plans.

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The Spurs are sending the trophy on a 12 city, six country tour to recognise the diverse international backgrounds in their line-up.

Mills was set to test the free agents market for the first time in his five-season NBA career, but surgery to repair a torn rotator cuff in his shoulder - which requires a seven-month rehabilitation - threatened to affect his earning capacity.

Patty Mills (left) with San Antonio teammate Tim Duncan. Photo: AFP

Mills played through pain in the NBA season and played a crucial role in helping the Spurs beat the Miami Heat for the NBA title.

His efforts have been rewarded with a deal that will keep him at the Spurs until the end of the 2016-17 season. But while details of the deal have been announced, it cannot be finalised until July 10.

"I had to look at every option, if the option was bad or the option was good, I at least had to look at it and weigh it up," Mills said.